Reality check

The most welcome aspect of the Greek election result is that at least some of the powers that be appear to be resisting the temptation to assume they can now relax.

One of the advisors to the EU Commission President who was interviewed on the BBC this lunchtime described the reaction of European governments and markets as a sigh of relief that the result had not "made a bad situation worse."

Invited by a BBC journalist to suggest that this might represent a corner being turned, he replied that it might be better to think of it as one fewer Sword of Damocles hanging over the European economy.

A very cautious and understated reaction maybe. But I'd much rather hear that sort of reply than any indication that we can afford an atom of complacency about European economies - or our own.


jim said…
So true,

Also Greece is just one front, and there are a lot to follow at the moment. Hollande's socialists now have an overall majority in the French parliament, with 314 of the 577 seats. And the Spanish "not a bailout" is expected to grow, some say up to 400 billion.

Keep one eye focused on Italy too

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